JOHN WILEY & SONS, INC.
For the period ended Jul 31, 2025. Filed Sep 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Sep 5, 2025
WLY$50.23-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-01-31; filed 2025-03-07.
0000107140-25-000018
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-09-05.
0000107140-25-000155
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsVariance greater than 100%Variance greater than 100%The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 200 previous paragraphs and 123 current paragraphs.
53 unchanged; 53 reworded; 16 added; 78 removed; 16 previous and 1 current paragraphs rearranged.
Tables are not compared: 38 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Wiley also reports a Held for Sale or Sold segment, which primarily includes non-core businesses which were classified as held-for-sale until the date of sale, as well other businesses which were sold.
Current report
FIRST QUARTER SUMMARY
Current report
Global Restructuring Program
Current report
Business Optimization Program
Current report
Net (Loss) Gain on Sale of Businesses, Assets, and Impairment Charges Related to Assets Held-For-Sale:
Current report
On January 1, 2024 we completed the sale of University Services, which was included in our Held for Sale or Sold segment. On June 5, 2025 Wiley entered into an agreement with Metis Aggregator L.P. and Vistria AP Aggregator, LLC to sell the Seller Note, the fiscal year 2026 University Services Earnout, and the TVG Investment, and agreed with Upper Holdings and Academic Partnerships on the fiscal year 2025 University Services Earnout for total cash consideration of $119.5 million (Sale Agreement), which was fully paid in June 2025. As a result of this Sale Agreement, all amounts due to Wiley in accordance with the University Services Agreement have been settled. As a result of the sale of these assets, in the three months ended July 31, 2025, we recognized an additional pretax loss of $0.9 million. In the three months ended July 31, 2024, we recognized a reduction to the pretax loss on sale of $1.5 million due to third-party customer consents and working capital adjustments.
Current report
In the three months ended July 31, 2025, we completed the sale of an immaterial business which was included in our Research segment, for a pretax loss on sale of $0.2 million.
Current report
The US GAAP effective tax rate for the three months ended July 31, 2025 was 33.9% compared to 106.2% for the three months ended July 31, 2024. The US GAAP effective tax rate for the three months ended July 31, 2025 was lower than the US GAAP effective tax rate for the three months ended July 31, 2024 primarily due to year-to-date US ordinary losses, which are expected to be offset by ordinary income during the remainder of the current fiscal year.
Current report
Enactment of the "One Big Beautiful Bill Act" (OBBBA)
Current report
On July 4, 2025, President Trump signed into law the OBBBA. Key corporate tax provisions of the OBBBA include a handful of elective tax measures such as restoration of 100% bonus depreciation, and the introduction of new Section 174A permitting immediate expensing of domestic research and experimental (R&E) expenditures. Other tax measures include modifications to Section 163(j) interest expense limitations, updates to the rules governing global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII), amendments to energy credit provisions, and the expansion of Section 162(m) aggregation requirements.
Current report
Under US GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Upon initial assessment of the elective tax measures, we determined the impact of these to be insignificant and reflected these in our financial statements using management’s best estimate for the first quarter of fiscal year 2026. We are continuing to evaluate the full year impact of the OBBBA and, based on our preliminary analysis, we do not anticipate a material effect on our consolidated financial statements for the year ended April 30, 2026.
Current report
On a constant currency basis, Adjusted EBITDA increased 2% as compared with the prior year. This increase was primarily due to higher revenue, partially offset by higher royalty costson AI license revenue from content licensed from other publishers.
Current report
On a constant currency basis, Adjusted EBITDA was zero for the three months ended July 31, 2025 compared to a loss of $2.5 million in the prior year due to the sale of the Wiley Edge and CrossKnowledge businesses.
Current report
The favorable changes in other assets and liabilities was due to employee related costs primarily due to lower payments for annual incentive compensation in fiscal year 2026 related to the prior fiscal year, cash received of $4.2 million for the interest receivable portion of the Seller Note related to the Sale Agreement in fiscal year 2026, and other working capital changes. This was partially offset by higher income tax payments, net, and costs related to cloud computing arrangements primarily associated with targeted enterprise modernization work in fiscal year 2026. These cloud computing costs are capitalizable and amortized but included in cash flow from operations rather than cash flow from investing activities.
Current report
During the three months ended July 31, 2025, our Board of Directors approved an additional share repurchase program of $250 million of Class A or B Common Stock. No share repurchases were made under this program during the three months ended July 31, 2025. This share repurchase program is in addition to the share repurchase program approved by our Board of Directors during the year ended April 30, 2020 of $200 million of Class A or B Common Stock. As of July 31, 2025, we had authorization from our Board of Directors to repurchase up to $43.4 million that was remaining under this program. During the three months ended July 31, 2025 and 2024, we repurchased $14.0 million and $12.5 million, respectively, under this program.
Removed paragraphs (78)
Previous report
On June 1, 2023, Wiley’s Board of Directors approved a plan to divest certain businesses that we determined are non-core businesses. Those businesses are University Services, Wiley Edge, and CrossKnowledge. On January 1, 2024 we completed the sale of University Services. On May 31, 2024 we completed the sale of Wiley Edge with the exception of its India operations which sold on August 31, 2024. On August 31, 2024 we completed the sale of CrossKnowledge.
Previous report
•Held for Sale or Sold includes businesses sold in fiscal year 2025 which includes CrossKnowledge and Wiley Edge and in fiscal year 2024 which includes University Services and Tuition Manager.
Previous report
THIRD QUARTER SUMMARY
Previous report
Revenue for the three months ended January 31, 2025, decreased $56.1 million, or 12%, as compared with the prior year. On a constant currency basis, revenue decreased 12% as compared with the prior year.
Previous report
On a constant currency basis excluding the $9 million content rights project for training GenAI large language models, Adjusted Revenue for the three months ended January 31, 2025 decreased 1% as compared with the prior year.
Previous report
Excluding the cost of sales from the Held for Sale or Sold segment, cost of sales decreased 4% as compared with the prior year on a constant currency basis primarily due to lower royalty costs and, to a lesser extent, lower product development and print product costs.
Previous report
Impairment of Goodwill:
Previous report
We recorded an impairment of goodwill in the three months ended January 31, 2024 of $81.7 million. This charge is reflected in the Impairment of goodwill in the Unaudited Condensed Consolidated Statements of Net (Loss) Income.
Previous report
As a result of signing a stock and asset purchase agreement to sell Wiley Edge (Edge Agreement) with Inspirit Vulcan Bidco Limited, a private limited company incorporated in England & Wales, and the decrease in the fair value of the business, we tested the goodwill of the Wiley Edge reporting unit within the Held for Sale or Sold segment for impairment. We concluded that the carrying value of the Wiley Edge reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of $81.7 million in the three months ended January 31, 2024. Such impairment reduced the goodwill of the Wiley Edge reporting unit to zero.
Previous report
Adjusted OI on a constant currency basis increased 27% as compared with the prior year. The increase in Adjusted OI was primarily due to an increase in Adjusted Revenue and, to a lesser extent, lower cost of sales andoperating and administrative expenses.
Previous report
Adjusted EBITDA on a constant currency basis increased 4% as compared with the prior year primarily due to an increase in Adjusted Revenue and, to a lesser extent, lower cost of sales, partially offset by higher operating and administrative expenses.
Previous report
Net foreign exchange transaction losses of $(4.2) million for the three months ended January 31, 2025 were primarily due to losses on our foreign currency denominated intercompany accounts receivable and payable balances, partially offset by gains on our foreign currency denominated third party accounts receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar.
Previous report
Net Loss on Sale of Businesses, Assets, and Impairment Charges Related to Assets Held-For-Sale:
Previous report
On May 31, 2024, we completed the sale of Wiley Edge which was included in our Held for Sale or Sold segment, with the exception of its India operations which sold on August 31, 2024. The total pretax loss on sale was $34.2 million. In connection with the held-for-sale classification, we recognized cumulative impairment charges of $19.4 million. Upon the completion of the sale, we recognized a net loss of $14.8 million in the nine months ended January 31, 2025 primarily due to subsequent changes in the fair value less costs to sell, partially offset by the sale of the India operations. We recognized a net loss of $15.6 million in the three months ended January 31, 2025 due to subsequent changes in the fair value less costs to sell. In the three months ended January 31, 2025, we reduced the fair value of the Wiley Edge Earnout from $15.0 million at the time of sale to zero. See Note 3, "Divestitures" for further details.
Previous report
On January 1, 2024, we completed the sale of University Services, which was included in our Held for Sale or Sold segment. The pretax loss on sale was $106.2 million which was reduced by $0.9 million during the nine months ended January 31, 2025 due to third-party customer consents, and working capital adjustments, partially offset by subsequent changes in the costs to sell. We recognized a loss of $0.6 million in the three months ended January 31, 2025 due to subsequent changes in the costs to sell.
Previous report
In the three months ended January 31, 2024, we recorded a held-for-sale pretax impairment of$26.4 million which includes$20.6 million for Wiley Edge and$5.8 million for CrossKnowledge. The initial pretax loss on the sale of University Services was $101.4 million. Prior to the disposition, we had recorded a held-for-sale impairment of $75.4 million which resulted in an additional loss of $26.0 million in the three months ended January 31, 2024.
Previous report
The US GAAP effective tax rate for the three months ended January 31, 2025, was 222.9% compared to (1.4)% for the three months ended January 31, 2024. The US GAAP effective tax rate for the three months ended January 31, 2025 was greater than the US GAAP effective tax rate for the three months ended January 31, 2024 primarily driven by US ordinary losses for which no tax benefit can be recognized as a result of the valuation allowance recorded against the net deferred tax assets.
Previous report
Diluted Loss per Share:
Previous report
Diluted loss per share for the three months ended January 31, 2025 was $(0.43) per share compared with a loss per share of $(2.08) per share for the three months ended January 31, 2024. This increase was primarily due to operating income for the three months ended January 31, 2025 compared to an operating loss in the prior year, a decrease in the net loss on sale of businesses, and impairment charges related to assets held-for-sale, partially offset by an increase in the income tax provision in the three months ended January 31, 2025 compared to the three months ended January 31, 2024.
Previous report
On a constant currency basis, Adjusted EBITDA increased 12% as compared with the prior year. This increase was primarily due to higher revenue, partially offset by higher employment costs.
Previous report
On a constant currency basis, Adjusted EBITDA decreased $4.1 million as compared with the prior year due to the sale of the University Services, Wiley Edge, and CrossKnowledge businesses.
Previous report
On a constant currency basis, adjusted corporate expenses of$42.2 million on an Adjusted EBITDA basis increased 9% with the prior year. This was primarily due to an increase in enterprise modernization and consulting fees related to strategic initiatives, including the re-engineering of our cost structure.
Previous report
RESULTS OF OPERATIONS – NINE MONTHS ENDED JANUARY 31, 2025
Previous report
NINE MONTHS SUMMARY
Previous report
•US GAAP Results: Consolidated Revenue of $1,235.0 million (-12%, compared with the prior year), Operating Income of $144.9 million (+$161.5 million, compared with the prior year operating loss), and Diluted Earnings per Share of $0.29 ($+4.39 per share, compared with the prior year diluted loss per share).
Previous report
CONSOLIDATED RESULTS OF OPERATIONS
Previous report
Revenue for the nine months ended January 31, 2025, decreased $169.5 million, or 12%, as compared with the prior year. On a constant currency basis, revenue decreased 12% as compared with the prior year.
Previous report
On a constant currency basis excluding $30 million in content rights projects for training GenAI large language models, Adjusted Revenue for the nine months ended January 31, 2025 increased 1% as compared with the prior year.
Previous report
Adjusted Revenue
Previous report
Cost of Sales:
Previous report
Cost of sales for the nine months ended January 31, 2025 of$320.4 million decreased $135.9 million, or 30%, as compared with the prior year. On a constant currency basis, cost of sales decreased 30% as compared with the prior year. This was primarily due to the prior year including employee and marketing costs related to the University Services business which was sold on January 1, 2024 and, to a lesser extent, lower employee costs related to the Wiley Edge business which was sold on May 31, 2024.
Previous report
Operating and Administrative Expenses:
Previous report
Operating and administrative expenses for the nine months ended January 31, 2025 of $717.7 million decreased $43.8 million, or 6% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 6% as compared with the prior year primarily reflecting lower employee related costs and, to a lesser extent, lower depreciation and amortization, and technology related costs, partially offset by higher professional fees.
Previous report
Excluding operating and administrative expenses from the Held for Sale or Sold segment, operating and administrative expenses on a constant currency basis was consistent with the prior year primarily due to higher professional fees and, to a lesser extent, travel and entertainment costs, offset by lower depreciation and amortization, technology related costs, and employment costs.
Previous report
Impairment of Goodwill:
Previous report
We recorded an impairment of goodwill for the nine months ended January 31, 2024, of $108.4 million. This charge is reflected in the Impairment of goodwill in the Unaudited Condensed Consolidated Statements of Net (Loss) Income.
Previous report
As a result of signing the Edge Agreement and the decrease in the fair value of the business, we tested the goodwill of the Wiley Edge reporting unit within the Held for Sale or Sold segment for impairment. We concluded that the carrying value of the Wiley Edge reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of approximately $81.7 million. Such impairment reduced the goodwill of the Wiley Edge reporting unit to zero.
Previous report
In accordance with applicable accounting standards, we were required to test goodwill for impairment immediately before and after our segment realignment in the three months ended July 31, 2023. Prior to the realignment, we concluded that the fair value of the University Services reporting unit within the former Academic segment was below its carrying value, which resulted in a pretax noncash goodwill impairment of $11.4 million.
Previous report
After the realignment, we concluded that the fair value of the CrossKnowledge reporting unit within the Held for Sale or Sold segment was below its carrying value, which resulted in a pretax noncash goodwill impairment of $15.3 million.
Previous report
Restructuring and Related Charges:
Showing the first 40 of 78 passages. Open the source sections for the rest.
Reworded paragraphs (53)
Previous wording
Wiley is one of the world’s largest publishers and a global leader in research and learning. The Company’s content, services, platforms, and knowledge networks are tailored to meet the evolving needs of its customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. Wiley empowers knowledge seekers to transform today’s biggest obstacles into tomorrow’s brightest opportunities. For more than two centuries, the Company has been delivering on its timeless mission to unlock human potential. Wiley is a predominantly digital company with over 83% of its revenue for the year ended April 30, 2024 generated by digital products and services excluding the Held for Sale or Sold segment revenue. For the year ended April 30, 2024, 48% of revenue excluding the Held for Sale or Sold segment revenue is recurring which includes revenue that is contractually obligated or set to recur with a high degree of certainty.
Current wording
Wiley is a leading global provider of authoritative content, data-driven insights, and knowledge services for the advancement of science and learning. The Company’s content, services, platforms, and knowledge networks are tailored to meet the evolving needs of its customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. Wiley is a predominantly digital company with over 83% of its Adjusted Revenue for the year ended April 30, 2025 generated by digital products and services. For the year ended April 30, 2025, 48% of Adjusted Revenue is recurring which includes revenue that is contractually obligated or set to recur with a high degree of certainty. See below for the reconciliation of consolidated Revenue to Adjusted Revenue.
Previous wording
•Learning includes the Academic and Professional reporting lines and consists of publishing and related knowledge solutions;
Current wording
•Learning includes the Academic and Professional reporting lines and consists of publishing, courseware, and assessments.
Previous wording
Through the Research segment, we provide peer-reviewed scientific, technical, and medical (STM) publishing, content platforms, and related services to academic, corporate, and government customers, academic societies, and individual researchers. The Learning segment provides scientific, professional, and education print and digital books, digital courseware to libraries, corporations, students, professionals, and researchers, as well as assessment services to businesses and professionals.
Current wording
Through the Research segment, we provide peer-reviewed scientific, technical, and medical (STM) journals, content platforms, and related publishing and audience solutions to academic, corporate, and government customers, academic societies, and individual researchers. The Learning segment provides scientific, professional, and education print and digital books to researchers, professionals, and students, digital courseware for instructors and students, and assessment services to businesses and professionals.
Previous wording
Wiley’s business strategies are tightly aligned with healthy solid growth trends, including ever-increasing global research and development (R&D) spend leading to consistent growth in scientific research output, the transition to open research, and the increasing application of new knowledge into solutions to solve real world problems. These strategies include driving publishing output to meet the global demand for peer-reviewed research and expanding platform and service offerings for corporations and societies. Learning strategies include selectively scaling high-value digital content, courseware, and assessments where the Company sees opportunity. We continue to implement strategies to efficiently and effectively manage print revenue declines while driving growth in our digital lines of business.
Current wording
Wiley’s business strategies are tightly aligned with consistent long-term growth trends, including ever-increasing global research and development (R&D) investment, leading to growth in scientific research output and the number of institutions and researchers worldwide. These strategies include expanding our publishing program and journal portfolio to meet the global demand for peer-reviewed research, driving additional value in our subscription-based models for universities and corporations, volume-based models for open access, content licensing opportunities for applications in science and innovation, and content platform and service offerings for corporations and societies. Learning strategies include selectively scaling high-value digital content, courseware, and assessments to meet targeted opportunities in education and professional development.
Previous wording
•US GAAP Results: Consolidated Revenue of $404.6 million (-12%, compared with the prior year), decrease due to the divested businesses, Operating Income of $51.8 million ($+98.2 million, compared with the prior year operating loss), and Diluted Loss per Share of $(0.43) (+$1.65 per share, compared with the prior year diluted loss per share).
Current wording
•US GAAP Results: Consolidated Revenue of $396.8 million (-2%, compared with the prior year), decrease due to the divested businesses, Operating Income of $31.0 million (+7%, compared with the prior year), and Diluted Earnings per Share of $0.22 (+$0.25 per share, compared with the prior year diluted loss per share).
Previous wording
•Adjusted Results at Constant Currency(excluding Held for Sale or Sold segment results): Adjusted Revenue of $404.6 million (+1%, compared with the prior year), Adjusted Operating Income of $57.4 million (+27%, compared with the prior year), Adjusted EBITDA of $93.9 million (+4%, compared with the prior year), and Adjusted EPS of $0.84 (+39%, compared with the prior year).
Current wording
•Adjusted Results at Constant Currency(excluding Held for Sale or Sold segment results): Adjusted Revenue of $396.8 million (+1%, compared with the prior year), Adjusted Operating Income of $34.0 million (-2%, compared with the prior year), Adjusted EBITDA of $70.4 million (-3%, compared with the prior year), and Adjusted EPS of $0.49 (+2%, compared with the prior year).
Previous wording
Excluding the revenues from the Held for Sale or Sold segment, Adjusted Revenue increased 1% on a constant currency basis.
Current wording
Revenue for the three months ended July 31, 2025, decreased $7.0 million, or 2%, as compared with the prior year. On a constant currency basis, revenue decreased 3% as compared with the prior year. Excluding the revenues from the Held for Sale or Sold segment, Adjusted Revenue increased 1% on a constant currency basis. Artificial intelligence (AI) license revenue was $28.9 million for the three months ended July 31, 2025 as compared with $17.2 million in the prior year. The AI license revenue in the three months ended July 31, 2025 includes $15.7 million of revenue related to content which Wiley has licensed from other publishers.
Previous wording
Cost of sales for the three months ended January 31, 2025 of $104.2 million decreased $39.4 million, or 27%, as compared with the prior year. On a constant currency basis, cost of sales decreased 27% as compared with the prior year. This was primarily due to the prior year including employee and marketing costs related to the University Services business which was sold on January 1, 2024 and, to a lesser extent, lower employee costs related to the Wiley Edge business which was sold on May 31, 2024.
Current wording
Cost of sales for the three months ended July 31, 2025 of $109.3 million was flat as compared with the prior year. On a constant currency basis, cost of sales decreased 1% as compared with the prior year primarily due to the prior year including employee costs related to the Wiley Edge business which was sold on May 31, 2024, partially offset by higher royalty costs on AI license revenue from content licensed from other publishers.
Previous wording
Excluding the cost of sales from the Held for Sale or Sold segment, cost of sales decreased 2% as compared with the prior year on a constant currency basis primarily due to lower product development and inventory related costs, partially offsetby higher royalty costs in Learning.
Current wording
Excluding the cost of sales from the Held for Sale or Sold segment, cost of sales increased 6% as compared with the prior year on a constant currency basis primarily due to higher royalty costs as described above.
Previous wording
Operating and administrative expenses for the three months ended January 31, 2025 of $230.0 million decreased $23.4 million, or 9% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 9% as compared with the prior year primarily due to lower employee related costs and, to a lesser extent, lower depreciation, and technology related costs, partially offset by higher professional fees.
Current wording
Operating and administrative expenses for the three months ended July 31, 2025 of $240.3 million decreased $8.5 million, or 3% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 5% as compared with the prior year primarily due to lower employee costs.
Previous wording
Excluding operating and administrative expenses from the Held for Sale or Sold segment, operating and administrative expenses decreased 1% as compared with the prior year on a constant currency basis primarily due to lower depreciation and, to a lesser extent, technology related costs, partially offset by higher professional fees.
Current wording
Excluding operating and administrative expenses from the Held for Sale or Sold segment, operating and administrative expenses decreased 1% as compared with the prior year on a constant currency basis primarily due to lower employee costs and, to a lesser extent, lower bad debt expense in Learning and travel and entertainment expenses, partially offset by higher professional fees.
Previous wording
We recorded restructuring and related charges in the three months ended January 31, 2025 and 2024 of$5.6 million and$14.8 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net (Loss) Income.
Current wording
We recorded restructuring and related charges in the three months ended July 31, 2025 and 2024 of$3.0 million and$3.9 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Income (Loss).
Previous wording
With the completion of our divestitures, we are now focused on optimizing our cost structure, with particular emphasis on aligning our technology costs and other corporate expenses. As a result of these initiatives, we expect to incur additional restructuring charges in future periods, as well ongoing facility-related costs associated with certain properties.
Current wording
In the fourth quarter of fiscal year 2025, the program was further extended due to the completion of our divestitures with a focus on optimizing our cost structure, with particular emphasis on aligning our technology costs and other corporate expenses. As a result of these initiatives, this expanded program will include severance related charges, facility-related costs associated with certain properties, and other activities.
Previous wording
Excluding actions related to the Held for Sale or Sold segment, we anticipate to yield annualized cost savings of approximately $90 million, with approximately $80 million of that to be realized this fiscal year from actions taken starting in fiscal year 2024.
Current wording
Excluding actions related to the Held for Sale or Sold segment, we anticipate to yield annualized cost savings of approximately $105 million, of which we expect that substantially all will be realized in fiscal year 2026 from actions taken starting in fiscal year 2024.
Previous wording
For the three months ended January 31, 2025 and 2024, we recorded pretax restructuring charges of $5.6 million and $14.4 million, respectively, related to this program.
Current wording
For the three months ended July 31, 2025 and 2024, we recorded pretax restructuring charges of $3.1 million and $7.5 million, respectively, related to this program.
Previous wording
For the three months ended January 31, 2025 and 2024, we recorded pretax restructuring credits of less than $(0.1) million and charges of $0.4 million, respectively, related to this program.
Current wording
For the three months ended July 31, 2025 and 2024, we recorded net pretax restructuring credits of less than $0.1 million and credits of $3.6 million, respectively, related to this program.
Previous wording
See Note 9, “Restructuring and Related Charges” for more details on the Business Optimization Program credits and charges.
Current wording
See Note 9, “Restructuring and Related Charges” for more details on the Business Optimization Program credits.
Previous wording
Amortization of intangible assets was $13.0 million for the three months ended January 31, 2025, a decrease of $0.5 million, or 4%, as compared with the prior year. On a constant currency basis, amortization of intangible assets decreased 3% as compared with the prior year primarily due to the completion of amortization of certain acquired intangible assets.
Current wording
Amortization of intangible assets was $13.2 million for the three months ended July 31, 2025, an increase of $0.3 million, or 2%, as compared with the prior year. On a constant currency basis, amortization of intangible assets decreased 1% as compared with the prior year primarily due to the completion of amortization of certain acquired intangible assets, partially offset by amortization expense related to acquired definite lived intangible assets, including those acquired as part of an acquisition.
Previous wording
Operating income was $51.8 million for the three months ended January 31, 2025, compared with the prior year operating loss of $46.4 million. The increase was primarily due to the $81.7 million impairment of goodwill in the prior year, lower costs of sales, and operating and administrative expenses, partially offset by a decrease in revenue.
Current wording
Operating income for the three months ended July 31, 2025, of $31.0 million increased $2.0 million, or 7% as compared with the prior year. On a constant currency basis, operating income increased 9% as compared with the prior year. The increase was primarily due to lower operating and administrative expenses, partially offset by a decrease in revenue.
Previous wording
Adjusted OI on a constant currency basis increased 38% as compared with the prior year. The increase in Adjusted OI was primarily due to an increase in Adjusted Revenue and, to a lesser extent, lower costs of sales, partially offset by higher operating and administrative expenses.
Current wording
Adjusted OI on a constant currency basis decreased 2% as compared with the prior year. The decrease in Adjusted OI was primarily due to higher cost of sales, partially offset by an increase in Adjusted Revenue, andlower operating and administrative expenses.
Previous wording
Adjusted EBITDA on a constant currency basis increased 12% as compared with the prior year primarily due to an increase in Adjusted Revenue, partially offset by higher operating and administrative expenses.
Current wording
Adjusted EBITDA on a constant currency basis decreased 3% as compared with the prior year primarily due to higher cost of sales, partially offset by an increase in Adjusted Revenue, andlower operating and administrative expenses.
Previous wording
Below is a reconciliation of our consolidated US GAAP Operating Income (Loss) to Non-GAAP Adjusted OI:
Current wording
Below is a reconciliation of our consolidated US GAAP Operating Income to Non-GAAP Adjusted OI:
Previous wording
Interest expense for the three months ended January 31, 2025, was $14.0 million compared with the prior year of $13.3 million. This increase was primarily due to a higher weighted average effective interest rate.
Current wording
Interest expense for the three months ended July 31, 2025 was $11.0 million compared with the prior year of $12.8 million. This decrease was primarily due to a lower weighted average effective interest rate and, to a lesser extent, a decrease in the total debt outstanding.
Previous wording
Net foreign exchange transaction gains of $0.5 million for the three months ended January 31, 2024 were primarily due to gains on our foreign currency denominated intercompany accounts receivable and payable balances, partially offset by losses on our third-party receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar.
Current wording
Net foreign exchange transaction losses of $(1.0) million for the three months ended July 31, 2025 were primarily due to losses on our foreign currency denominated third-party receivable and payable balances and, to a lesser extent, losses on our foreign currency denominated intercompany accounts receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar.
Previous wording
Net foreign exchange transaction losses of $(7.3) million for the nine months ended January 31, 2025 were primarily due to losses on our foreign currency denominated intercompany accounts receivable and payable balances and, to a lesser extent, on our foreign currency denominated third party accounts receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar. In the nine months ended January 31, 2025, we wrote off an additional net $0.4 million in cumulative translation adjustments in earnings due to the closure of our operations in Russia.
Current wording
Net foreign exchange transaction gains of $0.2 million for the three months ended July 31, 2024 were primarily due to gains on our foreign currency denominated intercompany accounts receivable and payable balances, offset by losses on our third-party receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar. In fiscal year 2023 due to the closure of our operations in Russia, the Russia entity was deemed substantially liquidated. In the three months ended July 31, 2024, we wrote off an additional $0.5 million cumulative translation adjustment in earnings.
Previous wording
For the three months ended January 31, 2025 and 2024, we recorded net pretax loss on sale of businesses, assets and impairment charges related to assets held-for-sale as follows:
Current wording
We recorded net pretax (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
Previous wording
These charges are reflected in Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale on our Unaudited Condensed Consolidated Statements of Net (Loss) Income.
Current wording
These charges are reflected in Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale on our Unaudited Condensed Consolidated Statements of Net Income (Loss).
Previous wording
On August 31, 2024, we completed the sale of CrossKnowledge which was included in our Held for Sale or Sold segment. The pretax loss on sale was $51.2 million. In connection with the held-for-sale classification, we recognized cumulative impairment charges of $51.0 million which included $55.4 million recognized in fiscal year 2024 and a reduction of $4.4 million in the first quarter of fiscal year 2025. Upon the completion of the sale, we recognized a net gain of $4.2 million in the nine months ended January 31, 2025 due to subsequent changes in the fair value less costs to sell, as well as changes in the carrying amount of the disposal group. We recognized a net gain of $0.3 million in the three months ended January 31, 2025 due to subsequent changes in the carrying amount of the disposal group.
Current wording
On May 31, 2024, we completed the sale of Wiley Edge which was included in our Held for Sale or Sold segment, with the exception of its India operations which sold on August 31, 2024. In the three months ended July 31, 2024, upon the completion of the sale, we recognized an additional loss of $0.2 million due to subsequent changes in the fair value less costs to sell, as well as changes in the carrying amount of the disposal group.
Previous wording
In thenine months ended January 31, 2025, there was a reduction in the pretax loss on the sale of our Tuition Manager business previously in our Held for Sale or Sold segment of $0.1 million due to a selling price adjustment for cash received after the closing.
Current wording
In the three months ended July 31, 2024, there was a reduction in the pretax loss on the sale of our Tuition Manager business previously in our Held for Sale or Sold segment of $0.1 million due to a selling price adjustment for cash received after the closing.
Previous wording
Below is a reconciliation of our US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes:
Current wording
Below is a reconciliation of our US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes:
Previous wording
The Non-GAAP Adjusted Effective Tax Rate was 21.6% for the three months ended January 31, 2025 compared to 25.5% for the three months ended January 31, 2024. The decrease in the Non-GAAP Adjusted Effective Tax Rate for the three months ended January 31, 2025 compared with the three months ended January 31, 2024 was primarily due to the mix of income and the impact of a discrete item related to the release of a tax reserve.
Current wording
The Non-GAAP Adjusted Effective Tax Rate was 23.3% for the three months ended July 31, 2025 compared to 23.6% for the three months ended July 31, 2024. The decrease in the Non-GAAP Adjusted Effective Tax Rate for the three months ended July 31, 2025 compared with the three months ended July 31, 2024 was primarily due to the mix of income.
Previous wording
Diluted earnings per share for the nine months ended January 31, 2025 was$0.29 per share compared with a loss per share of$(4.10) per share for the nine months ended January 31, 2024. This increase was primarily due to net loss on sale of businesses and impairment charges related to assets held-for-sale in the prior year, and an increase in operating income, partially offset by an income tax benefit in the prior year compared to an income tax provision in the nine months ended January 31, 2025.
Current wording
Diluted earnings per share for the three months ended July 31, 2025 was $0.22 per share compared with a loss of $(0.03) per share for the three months ended July 31, 2024. This increase was primarily due to a decrease in the income tax provision and, to a lesser extent, an increase in operating income, partially offset by a loss on sale of businesses, assets, and impairment charges related to assets held-for-sale in the three months ended July 31, 2025 compared to a gain in the prior year.
Previous wording
Below is a reconciliation of our US GAAP Loss per Share to Non-GAAP Adjusted EPS. The amount of the pretax, and the related income tax impact for the adjustments included in the table below are presented in the section above, “Provision for Income Taxes.”
Current wording
Below is a reconciliation of our US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS. The amount of the pretax, and the related income tax impact for the adjustments included in the table below are presented in the section above, “Provision for Income Taxes.”
Previous wording
On a constant currency basis, Adjusted EPS increased 39% primarily due to an increase in Adjusted Operating Income and, to a lesser extent, a lower Adjusted Effective Tax Rate, and an increase in interest income.
Current wording
On a constant currency basis, Adjusted EPS increased 2% primarily due a decrease in interest expense, partially offset by lower interest income, and lower Adjusted Operating Income.
Previous wording
Research revenue for the three months ended January 31, 2025 increased$11.3 million, or 4%, as compared with the prior year on a reported basis. On a constant currency basis, Research revenue increased 5% as compared with the prior year. This increase was due to a content rights project for training GenAI large language models, author funded open access and, to a lesser extent, audience solutions, partially offset by institutional models. In the three months ended January 31, 2025 we recognized $9 million of GenAI revenue due to expanding a previously executed content licensing project for training. On a constant currency basis excluding GenAI revenue, Research revenue increased 2% as compared with the prior year. Open access article output growth was approximately 12% as compared with the prior year.
Current wording
Research revenue for the three months ended July 31, 2025 increased$16.4 million, or 6%, as compared with the prior year on a reported basis. On a constant currency basis, Research revenue increased 5% as compared with the prior year primarily due to an increase in AI license revenue which includes content licensed from other publishers primarily in Research Solutions and, to a lesser extent, author-funded open access, partially offset by an unfavorable comparison to prior year due to the timing of journal renewals of approximately $5 million, and softness in ancillary products. Research AI license revenue for the three months ended July 31, 2025 was $15.8 million as compared to $1.1 million in the prior year. Open access article output growth was approximately 21% as compared with the prior year.
Previous wording
Learning revenue decreased $9.3 million, or 6%, as compared with the prior year on a reported basis. On a constant currency basis, revenue decreased 6% as compared with the prior year. Academic revenue decreased due to lower licensing revenue and, to a lesser extent, a decrease in digital content sales, partially offset by an increase in zyBooks digital courseware. Professional revenue decreased due to lower licensing revenue, partially offset by an increase in print and digital content sales.
Current wording
Learning revenue decreased $9.2 million, or 7%, as compared with the prior year on a reported basis. On a constant currency basis, revenue decreased 8% as compared with the prior year. Academic revenue decreased primarily due to lower licensing revenue, including AI. Professional revenue decreased primarily due to market-related softness and, to a lesser extent, lower licensing revenue, including AI. Learning AI license revenue for the three months ended July 31, 2025 was $13.1 million as compared to $16.1 million in the prior year.
Previous wording
On a constant currency basis, Adjusted EBITDA decreased 5% as compared with the prior year. This decrease was primarily due to lower revenuesand, to a lesser extent, an increase in employee costs, partially offset by lower royalty costs and a decrease in technology related costs.
Current wording
On a constant currency basis, Adjusted EBITDA decreased 7% as compared with the prior year. This decrease was primarily due to lower revenue, partially offset by lower bad debt expense, and royalty costs.
Previous wording
Revenue for Held for Sale or Sold decreased $58.2 million as compared with the prior year due to the sale of the University Services, Wiley Edge, and CrossKnowledge businesses.
Current wording
Revenue for Held for Sale or Sold decreased $14.2 million as compared with the prior year due to the sale of Wiley Edge on May 31, 2024, with the exception of its India operations which sold on August 31, 2024, and CrossKnowledge on August 31, 2024.
Previous wording
On a constant currency basis, adjusted corporate expenses of$124.5 million on an Adjusted EBITDA basis increased 3% as compared with the prior year. This was primarily due to an increase in enterprise modernization and consulting fees related to strategic initiatives, including the re-engineering of our cost structure.
Current wording
On a constant currency basis, adjusted unallocated corporate expenses of$40.7 million on an Adjusted EBITDA basis increased 4% as compared with the prior year. This was primarily due to an increase in costs related to strategic consulting projects, which are now complete, of approximately $3.6 million and, to a lesser extent, an increase in enterprise modernization costs, partially offset by lower employee costs.
Previous wording
We believe that our operating cash flow, together with our revolving credit facilities and other available debt financing, will be adequate to meet our operating, investing, and financing needs in the next twelve months. Operating cash flow provides the primary source of cash to fund operating needs and capital expenditures. Excess operating cash is used to fund shareholder dividends. Other discretionary uses of cash flow include share repurchases and acquisitions to complement our portfolio of businesses. As necessary, we may supplement operating cash flow with debt to fund these activities. The overall cash position of the Company reflects our durable business results and a global cash management strategy that considers liquidity management, economic factors and tax considerations. Our cash and cash equivalents are maintained at a number of financial institutions. To mitigate the risk of uninsured balances, we select financial institutions based on their credit ratings and financial strength, and we perform ongoing evaluations of these institutions to limit our concentration risk exposure to any financial institution.
Current wording
We believe that our operating cash flow, together with our revolving credit facilities and other available debt financing, will be adequate to meet our operating, investing, and financing needs in the next twelve months. Operating cash flow provides the primary source of cash to fund operating needs and capital expenditures. Excess operating cash is used to fund shareholder dividends and share repurchases. Other discretionary uses of cash flow include investments and acquisitions to complement and grow our portfolio of businesses. As necessary, we may supplement operating cash flow with debt to fund these activities. The overall cash position of the Company reflects our durable business results and a global cash management strategy that considers liquidity management, economic factors and tax considerations. Our cash and cash equivalents are maintained at a number of financial institutions. To mitigate the risk of uninsured balances, we select financial institutions based on their credit ratings and financial strength, and we perform ongoing evaluations of these institutions to limit our concentration risk exposure to any financial institution.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
On August 31, 2024, we completed the sale of CrossKnowledge, which was included in our Held for Sale or Sold segment. In the three months ended July 31, 2024, in connection with the held-for-sale classification prior to the sale, we recognized a reduction of the cumulative impairment charges of $4.4 million.
Rearranged previous paragraphs (16)
Previous report — wording carried elsewhere
For the impact of our restructuring programs on diluted loss per share, see the section below, “Diluted Loss per Share.”
Previous report — wording carried elsewhere
Below is a reconciliation of our consolidated US GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA:
Previous report — wording carried elsewhere
•Adjusted Results at Constant Currency(excluding Held for Sale or Sold segment results): Adjusted Revenue of $1,217.6 million (+3%, compared with the prior year), Adjusted Operating Income of $161.6 million (+38%, compared with the prior year), Adjusted EBITDA of $272.0 million (+12%, compared with the prior year), and Adjusted EPS of $2.28 (+43%, compared with the prior year).
Previous report — wording carried elsewhere
Excluding the revenues from the Held for Sale or Sold segment, Adjusted Revenue increased 3% on a constant currency basis.
Previous report — wording carried elsewhere
Below is a reconciliation of our consolidated US GAAP Revenue, net to Non-GAAP Adjusted Revenue, net:
Previous report — wording carried elsewhere
See the “Segment Operating Results” below for additional details on each segment’s revenue and Adjusted EBITDA performance.
Previous report — wording carried elsewhere
We recorded restructuring and related charges in the nine months ended January 31, 2025 and 2024 of$13.1 million and$52.0 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net (Loss) Income.
Previous report — wording carried elsewhere
See Note 9, “Restructuring and Related Charges” for more details on the Global Restructuring Program charges.
Previous report — wording carried elsewhere
See Note 9, “Restructuring and Related Charges” for more details on the Business Optimization Program credits and charges.
Previous report — wording carried elsewhere
Operating Income, Adjusted Operating Income (OI) and Adjusted EBITDA:
Previous report — wording carried elsewhere
Below is a reconciliation of our consolidated US GAAP Operating Income (Loss) to Non-GAAP Adjusted OI:
Previous report — wording carried elsewhere
For the nine months ended January 31, 2025 and 2024, we recorded net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
Previous report — wording carried elsewhere
See Note 3, “Divestitures” for more details on the divestitures.
Previous report — wording carried elsewhere
Below is a reconciliation of our US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes:
Previous report — wording carried elsewhere
Below is a reconciliation of our US GAAP Income Tax Provision (Benefit) to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate:
Previous report — wording carried elsewhere
Below is a reconciliation of our US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS. The amount of the pretax, and the related income tax impact for the adjustments included in the table below are presented in the section above, “Provision (Benefit) for Income Taxes.”